Love and Money by Wallace M. Howick

Author:Wallace M. Howick
Language: eng
Format: epub
Tags: Non-Fiction, Personal Finance, Money Management, Wealth Management
ISBN: 9781770865792
Publisher: Cormorant Books Inc.
Published: 2020-07-25T00:00:00+00:00

CONVERSATION 6

The Art of Saving

Buying a $200 item you don’t need that is “on sale” for $100 is not saving. It’s spending $100.

— UNCLE WALLY

“You said you have questions about saving,” I said. “That is going to be the topic of your next conversation, and your next goal: creating sustained savings habits.”

“Where do we begin?” asked Mark.

“With some basics. Like a deeper exploration of the difference between wants and needs. We’ve touched on that already, but now we can look more closely.”

“I get the distinction,” said Mark. “A want is something nice to have; a need is a necessity.”

“So you need a smart phone,” said Michelle, “but you don’t need the newest, fanciest model every year! That would be nice but not necessary.”

“That is the basic distinction,” I agreed. “Remember, though, that defining needs and wants is something to discuss together, because one person’s ‘need’ may look like a ‘want’ to the other. Those words take on very special meanings when they are considered in the context of your life goals. It’s important to begin your savings conversation by exploring with each other what is a ‘want’ and what is a ‘need.’”

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